Marketing Assessing the Varying Definitions of Marketing

¶ … Marketing

Assessing the Varying Definitions of Marketing

The original concepts of marketing have as their basis the objective of having the customer be at the center of any enterprise, with all systems, processes and strategies aligned to fulfill their requirements and needs. Dr. Kotler in explaining the marketing concept shows how the operating philosophy of any business putting the customer at its center leads to greater value being delivered and strong financial viability over time (Cunningham, 2003). An additional definition of marketing is found in the capturing and analysis of customer-driven metrics of performance, and the use of business intelligence and analytics to quantify marketing behavior (Hester, 2009). Marketing is increasingly being defined from the standpoint of its role in the value chain of any enterprise, including demand generation, demand management and services management -- in short all functions across the spectrum of the customer lifecycle (Gronroos, 2006). While all of these definitions seek to be strategic in their definition of the role of marketing, each comes short of explaining how experiences customers have is also a very critical component of any complete marketing definition. The intent of this paper is to explain the varying definitions of marketing, including the addition of my own based on experiences working in company's marketing departments.

Defining Marketing

Dr. Kotler's definition of the marketing concept puts the customer at the very center of a business, with each process, product, program and strategy emanating from this focus on customers (Cunningham, 2003). As the Kotler definition of marketing has permeated both academia and commercial business, so has his classic four Ps of marketing (Cunningham, 2003). These include product, price, promotion and place, and they have become the building blocks of marketing education and strategies globally.

While the 4Ps have become indispensible in defining the foundational elements of marketing, they do not conceptually capture how potent customer relationships are over the long-term, or how critical customer trust is in galvanizing brand loyalty.

A new definition of marketing needs to take these aspects of relationships into account and ensure that the concepts of trust, which are so critical for long-term customer loyalty, have a prominent role. Any new definition of marketing also must take into account how the many varied experiences of customers, from the excellent to the negative, also be taken into the mix. Defining marketing as a spectrum of experiences over a relationship with customers shows how one-dimensional the 4Ps had been in the past. Marketing has progressed rapidly from enticing consumers or companies to buy (in the case of B2B) to understanding their unmet needs and creating solutions that meet or exceed their expectations. The purest forms of marketing then concentrate on collaborating with customers, not pushing them or attempting to coerce them to buy. Taking into account these concepts, the following marketing definition is proposed:

Creating active partnerships with customers focusing on delivering unique and valuable experiences, products and services, marketing is the basis of moving beyond transactions to trust with customers. The foundations of marketing are accountability to customers, accuracy of commitments and authenticity of strategies, expectations and results delivered.

The proposed definition encompasses the essence of marketing by concentrating not on just transactions or the more fundamental concepts of marketing, but on creating a solid foundation of trust and transparency that leads to customer loyalty over the long-term. The marketing approaches of Apple, Disney, and Harley-Davidson successfully capture this essence of trust and create exceptionally effective marketing programs that lead to their brands flourishing in the market. The proposed marketing definition is one that encapsulates the aspects of creating value by delivering exceptional experiences, and earning the opportunity to sell again as a result.

Evaluating Marketing Definitions from a Metrics and Value Chain Perspective

In addition to the classical and widely adopted definitions of marketing as originally defined by Dr. Philip Kotler, the rapid adoption of the Internet as the basis for marketing strategies has also led to the digitization of strategies and a heavy reliance on metrics-driven marketing. Metric-driven marketing capitalizes on the ability of firms to quantify their overall performance on each strategy by measuring its performance through the Web, social networks, and the many emerging channels of digital marketing communication (Hester, 2009). Marketing definitions based on metrics are those that seek to also optimize strategies by the upper and lower funnel of sales strategies, quantifying the contribution of each incremental strategy as well (Hester, 2009).